We all know things like watching TV, chilling out on a Caribbean
cruise or chugging an ice cold Heineken are enjoyable pastimes. But
who'd have thought they'd be good long-term
investments?

The INVESCO Leisure Fund is all about fun. It invests its assets
in things like cable companies, casinos and cruise ships. You know,
the kinds of companies that manufacture, produce or bring us the
things we like to do during our spare time. And believe it or not,
this fund has made its investors very happy campers.

Since its inception in 1984, the fund's average annual total
return to shareholders has been 19.62 percent. But newcomers have
nothing to complain about either. In 1998, for instance, the fund
was up almost 30 percent. And as of March 31, the fund was up more
than 10.7 percent for the year-to-date--well ahead of other funds
in its category.

Mark Greenberg has been the fund's portfolio manager since
February 1996. He's big on holding on to his picks and making
big bets. For example, the annual turn-over rate for the fund in
1998 was a low 31 per-cent. At press time in March, every stock in
the fund's top 15 had been there three months prior; the top 15
stocks make up about 55 per-cent of the fund's holdings.

The current hot property in the INVESCO Leisure Fund is cable.
It's the fund's biggest sector weighting. "Liberty
Media has been my largest holding for more than a year, and that
stock doubled last year," says Greenberg. "MediaOne Group
has gone up the same amount."

Greenberg plans to stick with cable for the long term. Why?
Because people like watching television. "More people in the
United States have TV sets than have indoor plumbing," he
says.

One sector he didn't care much for a few years ago but is
now investing in is casinos. While Greenberg has negative feelings
about Las Vegas due to what he feels is an excessive number of
hotels being built, he has been buying Harrah's stock. After
looking at the various places the company gets its revenue
(Harrah's profits aren't limited to its Las Vegas location
alone), its current price and future projections, he figures
it's a good long-term bet.

Anyone interested in the INVESCO Leisure Fund needs to remember
a few investment basics. First, investing in any sector fund comes
with additional risks because it is, by nature, not diversified.
And second, past performance is no indication of what the fund will
do in the future. Even Greenberg says, "If we get a big
recession, will spending drop on these activities? Yeah. Like it
will on everything else."